UPDATE: CW Fast-Tracks "Flash," Puts "Amazon" on Hold

UPDATE 7/30/2013 10:14 AM PT: According to The Hollywood Reporter, the CW's president Mark Pedowitz has announced at the Television Critic's Association summer press tour that the network is indeed fast-tracking a "Flash" drama featuring the Barry Allen version of the scarlet speedster. "Arrow" co-producers Greg Berlanti and Andrew Kreisberg will introduce the character during the second season of "Arrow."

"We plan to introduce the recurring character of Barry Allen who is the Flash," Pedowitz said during the TCA press tour. "We're planning an origin story and we'll see how it goes. We do want to expand on DC Universe, and we felt this is a very organic way to get there."

The CW is expected to reveal plans for a Flash series this afternoon during the network's presentation to the Television Critics Association.

According to Deadline, "Arrow" co-creators Greg Berlanti and Andrew Kreisberg are developing the project, with an eye toward introducing the DC Comics speedster during the hit drama's upcoming second season. The "Flash" pilot reportedly will be written by Berlanti, Kreisberg and DC Entertainment Chief Creative Officer Geoff Johns, who has penned episodes of "Smallville" and "Arrow," and directed by David Nutter.

Although Deadline contends expanding the DC "footprint" on The CW has been a priority for the network and corporate sibling Warner Bros. Television, they've had limited success beyond "Smallville," which went off the air in 2011. While "Arrow" was a breakout hit last season, a planned adaptation of Wonder Woman, called "Amazon," didn't receive a pilot order, and announced projects based on The Spectre, Raven and the adventures of Dick Grayson before he became Robin never materialized. "Human Target," loosely based on the character created by Len Wein and Carmine Infantino, was canceled in 2011 after two seasons.